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Ambassador Yao Jing says that while the PML-N government paid full attention to Gwadar port, infrastructure and energy projects, it neglected completion of SEZs. ─ DawnNewsTV

LAHORE: Chinese Ambassador Yao Jing says that inconsistent trade policies, high ratio of taxes and some other issues are reasons for the presence of fewer Chinese investors in Pakistan.

“The main reasons behind fewer Chinese investors in Pakistan are poor trade policies, high taxes, no tax incentives and lack of business-friendly environment,” a local news channel quoted the ambassador as having said while speaking to businessmen at the Lahore Chamber of Commerce and Industry (LCCI) on Wednesday.

“Your policies lack consistency, keeping investors from China and elsewhere at bay,” he responded when the business community asked why Chinese companies, after relocating their businesses from the United States, were preferring investment in other countries, including Cambodia and India, instead of Pakistan that was already executing several projects under the China-Pakistan Economic Corridor.

Yao says while PML-N govt paid full attention to Gwadar port, infrastructure and energy projects, it neglected completion of special economic zones

The ambassador said that under the CPEC, projects relating to the Gwadar port, infrastructure, energy and special economic zones (SEZs) were to be completed.

“Though the outgoing PML-N government paid full attention to the Gwadar port, infrastructure and energy projects, it neglected completion of the SEZs. Since there are no SEZs too, how Chinese investors can make investments,” he said.

Under the CPEC, Mr Yao said, the SEZs should be given priority because they would boost joint ventures, specifically in manufacturing and socio-economic sectors of the country.

“In SEZs and joint venture schemes, 70-80 per cent priority would be given to Pakistan shares and exports of Pakistan would increase by 70-80pc,” he maintained. He also revealed that the CPEC would soon be opened to the world for investment.

The Chinese envoy said Pakistan was required to make its trade policies better, besides bringing down ratio of taxes and duties and making its products competitive. “Improvement of competitiveness will help your country make trade balanced.”

He praised the Pakistan Tehreek-i-Insaf government for having export-oriented vision. “The new government has an export-oriented vision and looks determined to resolve various issues,” the ambassador said.

That's so true. Even under PTI government, although investors are hopeful, they want to wait for a while to make sure the policies are consistent and environment is business-friendly so they can invest with confidence. It will take some time to build that confidence

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Mohan

Jan 10, 2019 08:16am

No brotherly feelings seen here on the Chinese side.

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Pehle Pakistan

Jan 10, 2019 08:36am

ZWhat thd Chinese ambassador did not say .... between the lines ... is that any investors especially the Chinese want is a stable economy, a stable currency and consistent economic growth —- All of which is mussing

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Gordon D. Walker

Jan 10, 2019 09:04am

Direct and honest commentary from a potentially huge investor and a red flag for
other global business partners...

Gordon D. Walker

Canada

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Chinpaksaddique

Jan 10, 2019 09:07am

Pakistan must listen to China all the tome for our own good. China is the best

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irfan

Jan 10, 2019 09:31am

As the Chinese debt trap is relived. Pakistan should play diplomatically and hand over Gawadar port free of cost to china , if this is the cost of being friend with china.

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Maria

Jan 10, 2019 09:46am

Clearly means Pakistan is a market and nothing more to then. They got the road, Pak funded it with loans their businesses sell here and to the world.

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SATT

Jan 10, 2019 10:10am

They want more grip.

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ab

Jan 10, 2019 10:12am

Mr Jing has rightly mentioned the problems being faced by investors.But it seems that the government is serious about tackling these complaints.Taxes have now been reduced from 45 to 21, physical audits are being reduced and a simpler method is now in place to get value added tax return. MOU`s are being signed with UAE SA and Malaysia which are no nonsense rapidly developing countries which means that once an MOU is signed everybody complies, which is good,

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Nasir

Jan 10, 2019 10:50am

I hope IK will do something about it asap

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khanm

Jan 10, 2019 11:02am

Inconsistent policies keep Chinese investors at bay: envoy.. it is not only Chinese but others as well including non-Pakistani residents...Indeed, in foreign policymaking, inconsistency is often a virtue. I speak not of principles but of policy.

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TM

Jan 10, 2019 11:26am

Birds eye view.

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Obsrvr

Jan 12, 2019 10:05am

An eye opener for IK, he needs to realize ground realities and get rid of likes of UA ASAP!